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Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Event [Line Items]  
Subsequent Events

19. Subsequent Events

New Financing

On July 16, 2024, the Company and Mudrick Capital Management L.P., on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by Mudrick Capital Management L.P. (the “Purchaser”), amended and restated the Fifth A&R Super Note to reflect an increased aggregate principal amount of $83,674,931 (the “Sixth A&R Super Note”). The Sixth A&R Super Note will mature on August 7, 2026, at which time 108% of the principal and accrued interest will become due, payable in cash, unless earlier redeemed or repurchased. This transaction constitutes a related party transaction.

Appointment of an Executive, Compensatory Arrangement, and Departure of an Executive

Effective as of July 19, 2024, Tom Alderman, the Company's Chief Financial Officer, is no longer employed by the Company, and the Board of Directors of the Company appointed Patricia Huerta, the Company’s Chief Accounting Officer, to serve as the Company's

Interim Chief Financial Officer. The impact of this new position on the existing compensation arrangements with Ms. Huerta has not yet been determined by the Company.

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

On July 9, 2024, Getaround, Inc. (the “Company”) received notice the New York Stock Exchange (“NYSE”) suspended trading of its common stock on the NYSE effective immediately and started the process to delist the Company's common stock from the NYSE. The start of the delisting process follows the NYSE’s determination under Rule 802.01B of the NYSE Listed Company Manual that the Company did not meet the continued listing standard that requires listed companies to maintain an average global market capitalization of at least $15 million over a period of 30 consecutive trading days. The Company intends to appeal this determination.

Tentative Settlement of Garfield Litigation

On July 26, 2024, the Company agreed to the terms of a tentative settlement of the action for attorneys’ fees and expenses filed in the Court of Chancery for the State of Delaware against the Company (Garfield v. Getaround, Court of Chancery for the State of Delaware C.A. # 2023-0445-MTZ) for an amount we do not consider to be material.

Stockholder Proposals Approved at the Annual Meeting

On July 31, 2024, the shareholders approved, for purposes of complying with Section 312.03 of the NYSE Listed Company Manual, the potential issuance of the shares of common stock issuable upon the conversion of the Mudrick Convertible Notes after giving effect to the adjustment of the conversion rate of the outstanding Mudrick Capital Convertible Notes to an adjusted conversion price of $0.25. See Note 9 – Notes Payable – Mudrick Convertible Notes.

On July 31, 2024 the shareholders approved an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at a ratio of not less than 1-for-10 and not greater than 1-for-50, with the exact ratio and effective time of the reverse stock split to be determined by the Board of Directors at any time on or before December 31, 2024.

There have been no other events or transactions that occurred subsequently that require recognition or disclosure.